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प्रश्न
Excess of Income over Expenditure is termed as ___________.
पर्याय
Deficit
Profit
Surplus
Loss
उत्तर
Excess of Income over Expenditure is termed as Surplus.
APPEARS IN
संबंधित प्रश्न
Answer in one sentence only.
What is Surplus?
Write the word/phrase/term, which can substitute the following sentence.
An account which is prepared by Not for Profit concern instead of Profit and Loss Account.
Write the word/phrase/term, which can substitute the following sentence.
Donation received for a specific purpose.
Write the word/phrase/term, which can substitute the following sentence.
An Account which records only revenue items in case of Not for profit concern.
State whether the following statement is True or False with reasons.
Income and Expenditure Account represents either surplus or deficit.
Income and Expenditure Account is a ______ account.
Complete the Table:
Salaries paid during the year
| Sr. No |
Total ₹ | Prepaid/Outstanding | ₹ | Expenditure for the year |
| 1 | 1,100 | Prepaid | 100 | ? |
| 2 | 2,700 | Prepaid | ? | 2,000 |
| 3 | 8,250 | Prepaid | ? | 6,650 |
| 4 | 1,200 | Outstanding | 200 | ? |
| 5 | ? | Outstanding | 600 | 5,100 |
| 6 | 1,800 | Outstanding | ? | 2,200 |
Complete the Table:
Rent received during the year
| Sr.No | Total Received ₹ | Rent received in Advance/Accrued | ₹ | Income for the year ₹ |
| 1 | 1,300 | Received in Advance | 200 | ? |
| 2 | ? | Received in Advance | 400 | 1,400 |
| 3 | 2,650 | Received in Advance | ? | 2,000 |
| 4 | ? | Accrued | 290 | 3,190 |
| 5 | 1,700 | Accrued | ? | 2,150 |
| 6 | 2,600 | Accrued | 500 | ? |
Salary ₹ 10,000, outstanding salary ₹ 5,000. Calculate the salary to be debited to Income and Expenditure Account.
Find odd one :
Find odd one:
(Presentation of Subscription only)
| Balance Sheet as on 01.04.2018 | |||||
| Liabilities | Amt. ₹ | Amt. ₹ | Assets | Amt. ₹ | Amt .₹ |
|
Subscription received in Advance for 2018 - 19 |
20,000 | Outstanding Subscription | |||
| 2016 - 17 | 26,000 | 61,000 | |||
| 2017 - 18 | 35,000 | ||||
| Dr | Receipts and Payments Account for the year ending 31.03.2019. | Cr | |||||
| Receipts | Amt. ₹ | Amt. ₹ | Payments | Amt.₹ | Amt. ₹ | ||
| To Subscriptions | |||||||
| 2016 - 17 | 23,000 | 4,84,000 | |||||
| 2017 - 18 | 30,000 | ||||||
| 2018 - 19 | 4,10,000 | ||||||
| 2019 - 20 | 21,000 | ||||||
Adjustments :
Outstanding Subscription for 2018 - 19 is ₹ 32,000
With the above information present the item Subscription in Income and Expenditure Account for the year ended 31.03.2019 Balance Sheet as on the date.
(Newly Started Art Circle)
“Jeevan Jyoti Art Circle” a newly established concern has presented the following information.
| Dr | Receipts and Payments Account for the year ending 31.03.2018. | Cr | |||||
| Receipts | Amount ₹ |
Amount ₹ |
Payments | Amount ₹ |
Amount ₹ |
||
| To Admission fees | 22,000 | By Furniture | 12,000 | ||||
| To Subscriptions | 40,000 | By Stationery | 4,000 | ||||
| To Donations | 18,000 | By Office Rent | 2,600 | ||||
| By Newspapers & Periodicals | 300 | ||||||
| By Telephone Expenses | 560 | ||||||
| By Investments | 23,000 | ||||||
| By Balance c/d | |||||||
| Cash in Hand | 7,540 | ||||||
| Cash at Bank | 30,000 | 37,540 | |||||
| 80,000 | 80,000 | ||||||
Adjustments:
1) Subscription Outstanding for the year was ₹ 5,000
2) Depreciate Furniture @10 % p.a
3) Full amount of Admission Fees and 50*% Donations are to be capitalized.
You are required to prepare Income and Expenditure Account for the year ending 31.03.2018 and Balance Sheet as on that date.
(Outstanding Expenses and Prepaid Expenses)
From the following information supplied to you, prepare Income and Expenditure Account for the year ending on 31.03.2020 and Balance Sheet as on that date for “Morya Sports Club” Thane.
| Balance Sheet as on 01.04.2019. | |||
| Liabilities | Amount ₹ | Assets | Amount ₹ |
| Capital Fund | 64,500 | Machinery | 69,000 |
| Bank overdraft | 38,000 | Outstanding Subscriptions | 8,000 |
| Outstanding Salary | 4,000 | Prepaid Insurance Premium | 2,000 |
| Furniture | 15,000 | ||
| Cash in Hand | 12,000 | ||
| Outstanding Locker’s Rent | 500 | ||
| 1,06,500 | 1,06,500 | ||
| Dr. | Receipts and Payments Account for the year ended 31.03.2020 | Cr. | |||
| Receipts | Amount ₹ | Payments | Amount ₹ |
||
| To Balance b/d | 12,000 | By Balance b/d (Bank Overdraft) | 38,000 | ||
| To Subscription | 1,05,000 | By Salary | 17,500 | ||
| To Entrance Fees (Capitalised) | 9,300 | By Insurance Premium | 11,000 | ||
| To Locker Rent | 1,500 | By Interest | 1,400 | ||
| To Donations (Capitalised) | 800 | By Refreshment Expenses | 4,200 | ||
| By Furniture | 30,000 | ||||
| By Balance c/d | |||||
| Cash in Hand | 6,500 | ||||
| Cash at Bank | 20,000 | ||||
| 1,28,600 | 1,28,600 | ||||
Adjustments :
1) Subscription received includes ₹ 3,000 for 2018 - 19 and Outstanding Subscription for 2019 - 20 was ₹ 14,000.
2) On 31.03.2020, Prepaid Insurance Premium was ₹ 2,500.
3) Depreciate Furniture by ₹ 3,000.
4) Locker Rent Outstanding for 2019 - 20 is ₹ 400
What is legacy?
What is the income and expenditure account?
How the following items will appear in the final accounts of a club for the year ending 31st March 2019?
| Dr. | Receipts and Payments Account for the year ended 31st March, 2019 | Cr. | ||
| Receipts | ₹ | ₹ | Payments | ₹ |
| To Subscription | ||||
| 2017 - 2018 | 10,000 | |||
| 2018 - 2019 | 50,000 | |||
| 2019 - 2020 | 5,000 | 65,000 | ||
There are 200 members in the club each paying an annual subscription of ₹ 400 per annum. Subscription still outstanding for the year 2017 - 2018 is ₹ 2,000.
Compute income from the subscription for the year 2018 from the following particulars relating to a club.
| Particulars | 1.1.2018 ₹ |
31.12.2018 ₹ |
| Outstanding subscription | 3,000 | 5,000 |
| Subscription received in advance | 4,000 | 7,000 |
Subscription received during the year 2018: ₹ 45,000.
From the following particulars, show how the item ‘subscription’ will appear in the Income and Expenditure Account for the year ended 31-12-2018?
Subscription received in 2018 is ₹ 50,000 which includes ₹ 5,000 for 2017 and ₹ 7,000 for 2019. Subscription outstanding for the year 2018 is ₹ 6,000. Subscription of ₹ 4,000 was received in advance for 2018 in the year 2017.
How will the following appear in the final accounts of Marthandam Women Cultural Association?
| Particulars | ₹ |
| Stock of sports materials on 1.4.2018 | 16,000 |
| Sports materials purchased during the year | 84,000 |
| Stock of sports materials on 31.3.2019 | 10,000 |
10% Depreciation on Furniture ₹ 12,000/- 3 Months
Complete the following table:
| Sr. No |
Income (₹) |
Expenditure (₹) |
Surplus/Deficit (₹) |
| 1. | 10,000 | ? | 5,000 (Deficit) |
Complete the following table:
Salaries paid during the year
| Total (₹) |
Prepaid/ Outstanding |
(₹) | Expenditure for the year |
| ? | Outstanding | 600 | 5,100 |
Complete the table:
| Sr. No. | Income (₹) | Expenditure (₹) | Surplus/Deficit (₹) |
| a | 20,000 | ? | 5,000 (Surlpus) |
| b | 10,000 | ? | 4,000 (Deficit) |
| c | ? | 15,000 | 8,000 (Surlpus) |
| d | 7,500 | 9,000 | ? |
From the following Receipts and Payments Account of "L.D. Engineering College'', for the year ending on 31 - 03 - 2023 and additional information, prepare Income and Expenditure Account for the year ending 31 - 03 - 2023 and Balance Sheet as on that date.
| Dr. | Receipts and Payments Account for the year ending 31- 03 - 2023 | Cr. | |
| Receipts | Amount (₹) | Payments | Amount (₹) |
| To Balance b/d | By Salaries to Teaching Staff | 9,36,000 | |
| Cash in Hand | 14,400 | By Electricity Charges | 44,000 |
| Cash at Bank | 80,320 | By Books | 48,800 |
| To Interest | 44,000 | By Furniture | 40,800 |
| To Subscriptions | 22,640 | By Stationery | 17,480 |
| To Life Membership Fees | 20,000 | By Fixed Deposit (31 - 03 - 2023) |
6,80,000 |
| To Donation | 5,60,000 | By Balance c/d | |
| To Tuition Fees | 9,84,000 | Cash in Hand | 13,320 |
| To Term Fees | 1,60,640 | Cash at Bank | 1,60,000 |
| To Sundry Receipts | 6,400 | ||
| To Admission Fees (Revenue) | 48,000 | ||
| 19,40,400 | 19,40,400 | ||
Additional Information:
| Particulars | 01-04-2022 (₹) | 31-03-2023 (₹) |
| Books | 4,80,000 | 4,80,000 |
| Furniture | 2,55,200 | 2,40,000 |
| Building Fund | 8,00,000 | ? |
| Fixed Deposit | 7,28,000 | ? |
| Capital Fund | 7,57,920 | ? |
(1) 50% of donation are for Building fund and the balance is to be treated as Revenue income.
(2) Outstanding subscription ₹ 4,240.
(3) Life membership fees are to be capitalised.
Mumbai University prepare ______ Account instead of a Profit and Loss account.
Mumbai University prepares ______ Account instead of a Profit and Loss account.
Find the odd one:
